Income Tax Project
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Project submitted in partial fulfillment for the award of degree
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DECLARATION
I hereby declare that this project report titled, Income Tax Planning in India with respect to Individual Assessee submitted by me to the Department of Business Management of XXXXX, is a bonafide work undertaken by me and it is not submitted to any other University or Institute for the Award of any degree diploma/certificate or published any time before.
Date: (XXXX)
ACKNOWLEDGEMENT
A work well begun is half done. These encouraging words from my project supervisor and guide led me to churn out this concise yet comprehensive study.
I sincerely thank Shri XXX, Faculty, Department of Business Management at XXXX, for his support and guidance all through this study and for his unbiased feedback on my presentations all through the MBA course.
I extend my sincere gratitude to all the members of Department of Business Management for extending their co-operation for successful completion of my project.
This project would not have been possible without the regular reading of Tax Columns from the business related newspapers; hence, I am thankful to all the authors who contributed such informative articles which helped me accomplish my this assignment.
Heartfelt thanks to my parents and all my well wishers who made this project possible. Your contributions have been immensely helpful.
INDEX
TABLE OF CONTENTS 1. List of Tables i
2. Introduction 1
3. An Extract from Income Tax Act, 1961 6
4. Computation of Total Income 13
5. Deductions from Taxable Income 46
6. Computation of Tax Liability 53
7. Tax Planning - Recommendations and Useful Tips 58
8. Bibliography 86
List of Tables
Table 1: Tax Rates for A.Y. 2007-08 - For Resident Male Individuals below 65 years of age 54
Table 2: Tax Rates for A.Y. 2007-08 - For Resident Female Individuals below 65 years of age 54
Table 3: Tax Rates for A.Y. 2007-08 - For Resident Senior
[pic]
Project submitted in partial fulfillment for the award of degree
[pic]
DECLARATION
I hereby declare that this project report titled, Income Tax Planning in India with respect to Individual Assessee submitted by me to the Department of Business Management of XXXXX, is a bonafide work undertaken by me and it is not submitted to any other University or Institute for the Award of any degree diploma/certificate or published any time before.
Date: (XXXX)
ACKNOWLEDGEMENT
A work well begun is half done. These encouraging words from my project supervisor and guide led me to churn out this concise yet comprehensive study.
I sincerely thank Shri XXX, Faculty, Department of Business Management at XXXX, for his support and guidance all through this study and for his unbiased feedback on my presentations all through the MBA course.
I extend my sincere gratitude to all the members of Department of Business Management for extending their co-operation for successful completion of my project.
This project would not have been possible without the regular reading of Tax Columns from the business related newspapers; hence, I am thankful to all the authors who contributed such informative articles which helped me accomplish my this assignment.
Heartfelt thanks to my parents and all my well wishers who made this project possible. Your contributions have been immensely helpful.
INDEX
TABLE OF CONTENTS 1. List of Tables i
2. Introduction 1
3. An Extract from Income Tax Act, 1961 6
4. Computation of Total Income 13
5. Deductions from Taxable Income 46
6. Computation of Tax Liability 53
7. Tax Planning - Recommendations and Useful Tips 58
8. Bibliography 86
List of Tables
Table 1: Tax Rates for A.Y. 2007-08 - For Resident Male Individuals below 65 years of age 54
Table 2: Tax Rates for A.Y. 2007-08 - For Resident Female Individuals below 65 years of age 54
Table 3: Tax Rates for A.Y. 2007-08 - For Resident Senior
Bibliography: Table 1: Tax Rates for A.Y. 2007-08 - For Resident Male Individuals below 65 years of age 54 Table 2: Tax Rates for A.Y Table 3: Tax Rates for A.Y. 2007-08 - For Resident Senior Citizens (who are 65 years or more at any time during the Financial Year 2007-08) 55 Table 4: Sample Tax Liability Calculations - For Resident Male Individuals below 65 years of age 55 Objectives To study taxation provisions of The Income Tax Act, 1961 as amended by Finance Act, 2007. CHAPTER 2 AN EXTRACT FROM INCOME TAX ACT, 1961